Consensys and Ledger have both postponed their IPO plans, waiting for a more suitable time.

Written by: Maher, Foresight News

On May 14, wallet developer Consensys temporarily postponed its IPO to as early as this fall. Meanwhile, cryptocurrency hardware wallet giant Ledger also suspended its US IPO plan on May 13. Previously, the exchange Kraken had also continuously postponed its listing plans, and this series of IPO delays and suspensions marks a clear narrowing of the IPO window in 2026 after the 2025 boom for cryptocurrency companies going public.

2025 is seen by the industry as a "harvest year for IPOs": stablecoin issuer Circle successfully listed on the New York Stock Exchange, and several companies including Bullish and Gemini completed their public offerings, opening initial exit channels for cryptocurrency VC. In 2025, cryptocurrency-related IPOs raised approximately $14.6 billion, and VC transaction totals surged to $19.7 billion. The BTC price once soared to a historical high of $126,000, institutional funds poured in, and the regulatory environment was relatively friendly, driving a strong first-day performance for many cryptocurrency stocks.

Entering 2026, the Bitcoin price has significantly corrected, trading volume has declined, and investors' risk appetite for cryptocurrency stocks has rapidly cooled. BitGo, as the first cryptocurrency IPO of 2026, went public in January at a price of $18, briefly rose on its first day but then fell back, plummeting to as low as $7, and is now back up to $11.9.

Specifically, the listing pace of several leading companies has clearly slowed. Kraken's parent company Payward secretly submitted an S-1 filing in November 2025, originally planning to advance in the first quarter of 2026, with a valuation once aiming for $20 billion. On March 18 of this year, the company paused its plans due to "difficult market conditions." Co-CEO Arjun Sethi stated that although the valuation recently dropped to $13.3 billion in a financing round, the IPO filing remains valid and they are waiting for the best window.

Arjun Sethi

Ledger's suspension was even more sudden. The company, known for its hardware wallets and enterprise-level infrastructure, had media reports in January 2026 about hiring an investment bank to prepare for a US listing, targeting a valuation of $4 billion. Sources indicate that due to unfavorable market conditions, Ledger decided to delay and has not initiated the formal filing process. A company spokesperson declined to comment but stated they might turn to private fundraising to sustain growth.

It is worth noting that just in March, Ledger appointed former Circle executive John Andrews as CFO and opened an office in New York to strengthen its business layout in the US. This expansion indicates that its business strategy has not changed, and the suspension of the IPO is more due to external pressures.

Meanwhile, Consensys, the parent company of MetaMask, has also joined the wait-and-see camp. The company had previously hired JPMorgan and Goldman Sachs as underwriters, and originally planned to submit its S-1 filing around the end of February, targeting a 2026 IPO. However, due to a sluggish market, Consensys has postponed its IPO to as early as this fall.

The postponement of these cryptocurrency companies' IPOs is certainly the result of multiple compounded factors.

The stock performance of the first wave of cryptocurrency IPOs in 2025 has intensified market caution for the 2026 IPO window.

Since the beginning of this year, Circle's stock price has dropped from a peak of $300 to below $50, and Bullish has fallen from $118 to below $25. Even the first cryptocurrency IPO of 2026, BitGo, was not spared—after going public in January at $18, it briefly rebounded but then continuously fell to around $7.

The performance over the past year collectively confirms: cryptocurrency concept stocks are easily favored by funding at the end of a bull market but struggle to withstand valuation resets during a cyclical downturn, with traditional institutional investors significantly increasing their risk premium requirements for "cyclical binding."

In stark contrast to the "cooling period" of cryptocurrency IPOs is the fact that the AI sector is currently experiencing a dual peak in IPOs and financing in 2026.

SpaceX has begun IPO preparations, targeting a valuation as high as $1.75 trillion to $2 trillion, making it one of the most anticipated technology listings globally.

OpenAI is valued at nearly $1 trillion and is in close communication with multiple investment banks regarding its listing path; Anthropic's valuation has approached $900 billion and is also actively preparing IPO materials. The AI narrative, backed by the certainty of a "productivity revolution," has attracted a significant influx of long-term capital, even in a macro environment of uncertainty, where AI-related IPOs can still achieve far higher risk preference than cryptocurrency assets.

In contrast, cryptocurrency companies are heavily dependent on Bitcoin prices and trading volumes, which have more volatile revenues and struggle to provide the "exponential growth" certainty promised by AI companies. This cross-sector divergence in warmth and coolness further amplifies investor cautious sentiment towards cryptocurrency IPOs and compels cryptocurrency enterprises to accelerate their transition from "storytelling" to "talking cash flow, talking compliance."

Moreover, cryptocurrency companies are increasingly adopting a more pragmatic strategic shift: although private fundraising has shrunk in scale, it still provides a buffer; some companies choose to first optimize their product lines and expand stablecoin or institutional services, planning to go public again once Bitcoin stabilizes at a higher range and market conditions improve.

This phenomenon warrants thoughtful consideration regarding its impact on the industry.

On one hand, it accelerates the survival of the fittest. Weak projects face increased difficulties in financing, as resources consolidate around compliant businesses with solid infrastructure, such as Ledger's institutional-level platform and Kraken's custody services. On the other hand, it highlights the transformation of the cryptocurrency industry from story-driven to performance-driven. Companies that truly survive cycles are building resilient cash flows and enhancing transparency to earn long-term trust. However, in the short term, the narrowing of the IPO window may lead to valuation resets and affect the confidence and liquidity of the entire ecosystem.

Looking ahead, if Bitcoin returns to $90,000 or even higher, and regulatory bills further materialize, the second wave of the IPO window may arrive in the second half of 2026.